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Hedge fund investors redeemed a net USD14.2bn in 2012, reversing a USD50.7bn inflow to the industry in 2011, according to a report from TrimTabs and BarclayHedge based on data from 3,492 funds.
Hedge fund redemptions hit a 44-month high of USD20.7bn in December, according to the latest monthly TrimTabs/BarclayHedge Hedge Fund Flow Report, which noted that the industry earned 8.5 per cent in 2012, far below the S&P 500’s 13.4 per cent increase for the year.
“Underperformance versus the S&P 500 Index is a likely culprit in last year’s outflows,” says Sol Waksman, founder and president of BarclayHedge. “We found
David Zahn (pictured), manager of the Templeton Strategic Bond Fund, believes it is time for UK strategic bond funds to make use of allocations across a wider variety of fixed income asset classes in their search for real returns. Zahn, who has cut all exposure to UK gilts within the Templeton Strategic Bond portfolio argues the case for greater fixed income diversification in a low-interest rate environment…
Investors in UK strategic bond funds are used to a strong focus on developed markets, with a heavy domestic emphasis, in favour of UK government bonds (gilts). In past years, this approach has
Persimmon Capital Management has launched Persimmon Long/Short Fund (LSEAX), a multi-adviser mutual fund that seeks to use long/short equity strategies to produce equity-like capital appreciation over time with less volatility than long-only strategies.
The fund commenced operations with USD25m of assets under management.
LSEAX launched with six sub-advisers that offer complementary strategies across various long/short equity styles, market capitalisations, sectors and geographic regions. The select group includes M.A. Weatherbie, Sonica Capital, Open Field Capital, Caerus Global Investors, Turner Investments and ISF Management.
LSEAX’s three portfolio managers include Greg Horn (pictured), Persimmon’s president and CEO, and Todd Dawes and Shawn Gibson,
Commodities benefited from an uptick in global growth momentum in January.
Nelson Louie, global head of commodities in Credit Suisse’s asset management business, says: "Commodities increased in January, against the backdrop of a continued gradual improvement in global growth momentum, with the US data for the month of December suggesting that the fiscal cliff had little impact on spending. The Purchasing Managers Indices suggest that the fiscal cliff resolution has seen business begin to increase production in many regions. In addition to the positive data, risk appetite benefited from the decision by the US Congress to delay the debt ceiling
Maples Fiduciary Services has expanded its investment funds team in the Cayman Islands with the addition of Abali Hoilett as senior vice president and fund director.
Hoilett has extensive experience in providing director and trustee services to a wide array of investment fund structures and strategies.
In his new position, Hoilett will serve as an independent director on a limited number of hedge funds and private equity funds.
The investment funds team comprises 25 professional directors resident in the Cayman Islands, Delaware, Dublin, Dubai and Luxembourg, serving a broad range of investment fund structures.
“We are delighted to have Abali
Anthony Maniscalco, the former head of alternative asset management within Barclays’ financial institutions investment banking division, has joined Blackstone Alternative Asset Management (BAAM), Blackstone’s hedge fund solutions business.
He will be a managing director on BAAM’s investment team, focusing his efforts with Greg Hall and other senior team members on building out its platform to purchase ownership interests in hedge fund businesses.
Hall says: “It is a great time for BAAM to focus on investing in leading alternative investment firms. Hedge funds continue to gain market share within the asset management industry, founder-owners are focusing on equity values and succession
The European Securities and Markets Authority (ESMA) has published a call for evidence on the evaluation of the EU regulation on short selling and certain aspects of credit default swaps (SSR).
This follows receipt of a formal mandate from the European Commission (EC) seeking technical advice on the evaluation of the effects of the SSR.
In order to prepare its technical advice on the effects of the SSR, ESMA is inviting investors, market participants and any other interested stakeholders to provide responses to the questions outlined in the call for evidence by 15 March.
ESMA’s advice is expected to be
Hedge and private equity fund manager FSI Group has joined the AlphaMetrix TransparentFund platform. FSI Group will retain its existing service providers and enhance its already robust infrastructure by offering investors risk monitoring, reporting, customised transparency and a thorough background investigation via AlphaMetrix.
“FSI Group is an excellent addition to AlphaMetrix,” says Mikus Kins, chief product and business development officer at AlphaMetrix. “As a result of listing with AlphaMetrix, FSI will be able to provide investors with greater transparency that is independently verified and reconciled.”
Citi has been appointed by William Blair & Company to provide offshore fund administration services for its Luxembourg-domiciled SICAV funds.
Citi will provide an integrated range of services including custody, trustee, fund accounting, transfer agency and foreign exchange solutions.
William Blair launched its Luxembourg-domiciled SICAV funds in 2004 to allow European investors access to its investment strategies. Since then, the funds have grown to nearly USD1.6bn in assets as of 31 December 2012.
“As our overseas business continues to grow, we are excited to partner with an experienced fund administrator with a global footprint to support our expansion plans while
BTIG Australia, which specialises in institutional trading and related brokerage services, is expanding its Sydney office with the appointment of two experienced sales traders – Rob Farrington and Andrew Manchee.
“Australia is an important component to our expansion in the Pacific Rim,” says Steven Starker, co-founder of BTIG. “We are seeing an increasing level of opportunities in that region and the addition of Rob and Andrew will allow us to broaden our client coverage.”
Farrington joins BTIG as an equity sales trader. He has over 15 years experience in equity sales trading, most recently serving as head of sales trading
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